Feb 18 La-Z-Boy Inc, known for its
namesake recliners, reported a quarterly profit that missed
market expectations as unseasonably cold weather in the United
States, its biggest market, hurt sales.
The company's shares slid as much as 11 pct in extended
trading on Tuesday.
Large parts of the U.S. have been gripped by snow storms
over the past two months hurting retail sales in categories like
clothing, furniture stores and restaurants that depend on foot
La-Z-Boy said on Tuesday its markets in the northeast and
Midwest were challenged during the third quarter ended Jan. 25.
The company's sales rose 3 percent to $350.4 million and
same-store written sales for the La-Z-Boy Furniture Galleries
store network rose 3.6 percent in the quarter.
Wholesale upholstery segment revenue, the main contributor
to the company's sales, rose 3.4 percent to $280.3 million.
Net income attributable to the company fell to $16.5
million, or 31 cents per share, from $17.1 million, or 32 cents
per share, a year earlier.
Earnings from continuing operations rose to 32 cents per
Analysts on average were expecting the company to earn 35
cents per share on revenue of $378.7 million, according to
Thomson Reuters I/B/E/S.
The company's shares have risen 81 percent in the past 12
months and closed at $27.11 Tuesday on the New York Stock
(Reporting By Devika Krishna Kumar; Editing by Savio D'Souza)